It’s also amid growing unaffordability in Victoria, a trend that began two years ago, around the time that the provincial government imposed a 15 per cent property transfer tax on foreign buyers in Metro Vancouver, according to RBC’s Housing Affordability Report.

Wilson said there’s a “high probability” that foreign capital has gravitated to North Saanich, an area that’s close to the international airport, the ferry terminal, and is a “short, easily commutable distance into Victoria.”

But foreign buyers aren’t the only factor influencing home prices in the region, according to Wilson.

“You have the aging baby boomer demographic retiring to this area just because of weather,” he said.

“And then you have a very stable market from the government infrastructure here in Victoria, so it’s very gradually gone up.”